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How do you recommend a slate of people to be elected to the board of directors at a shareholder meeting?
We are an internet company with 61 shareholders. We have our first shareholder meeting coming up in a few weeks, and I am wondering what is the proper way to elect our new board of directors. We have a list of names we would like approved and elected, but how is that presented to the shareholders?
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There are two ways to answer your question:
#1. At incorporation, you will have decided much of this--or if you are like most people, you would have accepted a standard set of corporate documents. I assume you have a C Corp or an LLC and depending upon the state, these documents will prescribe different ways of nomination. Either read the documents or have your attorney summarize the procedure for you.
#2. If your situation is like most, you will have to nominate each person separately and present them to all shareholders in written form with approx a 200-word summary of their experience. You will, in most cases, also have the ability to present an entire board to the shareholders, but they will still generally have to vote for the individuals.
All the best,
Brad Sugars
Brad Sugars is the founder of ActionCOACH, a business coaching franchise. As a world-renowned entrepreneur, author and business coach, he has helped more than a million clients around the world find business and personal success. Sugars has owned and operated more than two dozen companies including his main company, ActionCOACH, which has nearly 1,000 offices in 22 countries.
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